Page 11 - Tonilee & Bobbye Social Media Special Edition Oct Nov 2011 (1)

BANKS – FEES,

FEES, AND MORE

FEES

Contributed Article
Although new federal banking rules are limiting overdraft
bank fees there are still many practices and new charges
that are making consumers very upset. No wonder there are
protests on Wall Street and other places around the globe.
Of course the protests are about more than just bank fees,
but it seems a good topic to talk about since we all are
affected by banking fees.

So while overdraft fees are coming under federal scrutiny
– There are a dizzying number of other fees that should
concern us. Maintenance fees, minimum balance fees and
excess activity fees can really take a bite out of your budget.
If you do your homework, you can, still avoid bank fees
and keep the free checking accounts and savings accounts
you've always had. Some of the follow suggestions might
help you.

Regulations have forced banks to make changes. But you
may not know about them unless you read the letters from
your bank. I don’t always open bank letters, especially if
they look like another fantastic credit card deal. I will now
open them when they come. They may be telling you that
you no longer have a free checking account, and other
niceties. Be an alert and educated consumer. If you don’t
understand your accounts then ask the bank.

Brick-and-mortar banks can be great if you like to have
face-to-face contact with your banker. But to save on bank San Diego
fees, go online, says Ramit Sethi, a personal finance blog- checking accounts and savings accounts, go to Bankrate.com. Woman
ger and author of "I Will Teach You To Be Rich."
I am switching to online banking. They are really cool. Besides not For online banks search online for just that: free online checking
having overdraft fees and minimum balance fees they are just as accounts.
convienient as the regular banks. You can make deposits by tak- 11
ing a picture of a check with your smartphone. How cool is that? By the way, did you know that the largest sources of revenue to
Some have made arrangements with places like UPS stores to take banks are fees? It has been that way for a long time.
deposits. And here is a great feature. If you use another bank’s ATM
machines and they charge a fee, the on-
line banks will REIMBURSE you that fee
up to as much as $15.00. Impressive!

Credit unions are powerful banking alter-
natives when it comes to bank fees and
they're available to millions, says Mary
Wilson, a spokeswoman for Empower
Federal Credit Union in Syracuse, N.Y.
"As financial cooperatives, credit unions
are member-owned and operated," she
says. "They are service-driven, rather
than profit-driven. Any profits realized are
returned to members in the form of better
rates and services."
A word to the wise, Credit Unions can
have a bad financial condition. Check out
the bank and credit union watch lists on
line.

Want to know where to find them go to
Findacreditunion.com.
For more information on